Link: Machine learning
What is bias variance trade off
Beginner’s error: overfit model
- Beginner’s error: make model more complicated and “overfit”
- As a result, the model is overfit and performs poorly when forecasting with the test dataset
How to evaluate?
Plot the complicity/flexibility of the model, by the polynomial level of a regression fit vs error metrics (Mean Squared Error MSE).
Find the balanced point
Find the point that’s good enough to balance out the bias and the variance